Introduction:
Let us dig deeper into the reasons why purchasing health insurance early in 2024 is a strategic financial move.
In India, the balance of an average household’s financial well-being hinges on the thin line between health and potential poverty.
Let’s delve into the health landscape and find the compelling reasons why securing health insurance early is not just a choice but a necessity.
Are Indians really healthy? Are they worried about potential financial pitfalls due to medical emergency? Let’s examine the facts:
Hypertension, a Silent Threat – 25% of Indians grapple with hypertension (high blood pressure), a silent precursor to severe heart ailments.
Cardiovascular Risks Loom Large – Shockingly, 25% of all deaths in India are attributed to cardiovascular (heart) diseases, underscoring the critical need for preventive health measures.
Fertility Challenges Impact Many – The struggle with infertility affects 1 in 6 couples, emphasizing the need for comprehensive healthcare solutions.
Diabetes Epidemic on the Rise – Alarming statistics reveal that 20% of adults in India either have diabetes or on the edge of developing this chronic condition.
Click here for the data.
As these statistics reveal the health challenges faced by Indians, it becomes evident that no household is immune to far-reaching consequences of a medical emergency.
With health concerns lurking at every corner, the need for robust health insurance in India go beyond a mere financial precaution; it becomes a lifeline.
Top 10 Reasons to buy Health Insurance Early NOW in 2024
This comprehensive guide explores the benefits from lower premiums to tax advantages, providing an in-depth understanding of the advantages that come with making proactive financial decisions.
Lower Premiums for the Young:
Buying health insurance at young age is an important financial strategy. The chances of encountering health issues are considerably lower, resulting in lower premiums, easy approval without any trouble.
No Requirement of Health Check-ups:
One of the distinct benefits of purchasing health insurance at an early age is the exclusion of mandatory health check-ups.
While policies obtained after the age of 50 often require medical examinations, opting to buy health insurance at young age excludes the burden of these assessments, making the process smoother and more accessible.
Higher Coverage in Your Twenties:
Securing health insurance in your twenties is a must to build a strong financial foundation. Beyond the immediate benefits of safeguarding your finances during emergencies, early policies provide access to higher coverage.
This elevated coverage acts as a robust financial safety net, offering peace of mind and financial security.
Easy Overcoming of Waiting Period:
All health insurance plans come with waiting periods during which claims for non-accidental injuries cannot be raised. This waiting period typically varies from 30 days to up to 4 years.
By purchasing this early in life, individuals can navigate waiting period more seamlessly. The lower likelihood of falling ill at young age makes it easier to serve this waiting period without any trouble.
Accumulate ‘No Claims Bonus’:
Many health insurers incentivize policyholders with a ‘no claims bonus.’ This bonus, accrued in the absence of any claims in the preceding year of a policy term, can significantly enhance the benefits of early health insurance.
This results in an increased coverage amount during policy renewal and becomes a valuable financial advantage in later stages of life.
Annual Preventive Health Checkup:
Proactive healthcare is a cornerstone of early health insurance plans. Many policies include an annual preventive health checkup encouraging policyholders to prioritize their well-being.
This preventive measure not only fosters a healthier lifestyle but also aids in the early detection and prevention of potential health issues.
Protection Against Accidental Hospitalization:
While the young may feel invincible, accidents are unpredictable and can occur at any life stage without any warning. Health insurance provides a safety net by ensuring sufficient coverage for unforeseen accidents.
Employer Cover Is Insufficient:
It is unwise to depend solely on the medical coverage offered by employers. While employer provided medical insurance may appear attractive on the surface, it often falls short of providing a comprehensive long term insurance coverage.
Many corporate health plans lack adequate medical coverage, posing potential challenges during emergencies.
Most of the health insurance policies come with a co-payment ranging between 20% to 30%.
Moreover, corporate policies may not seamlessly transition when changing employers.
Protecting Your Hard-Earned Assets:
Over the course of a lifetime, individuals earn, save, and invest money to lead a happy and independent life.
However, the current scenario of healthcare costs has the potential to derail financial progress and even lead to bankruptcy.
A glance at crowdfunding websites in India reveals that a significant portion of funding requests from the general public is related to healthcare and escalating medical costs.
Health insurance emerges as a crucial safeguard, protecting hard-earned assets from the financial ramifications of unforeseen medical expenses.
Immediate Financial Relief and Tax Benefits:
Beyond its efficacy in covering future costs, health insurance offers immediate financial relief and tax benefits.
Under Section 80D, individuals can claim a tax deduction of up to ₹25,000 on the premium paid towards a health insurance policy.
This deduction applies not only to the individual’s policy but also extends to policies covering parents, spouses and children.
Availing these tax benefits can significantly reduce overall tax liability, providing an additional incentive for early health insurance.
Conclusion – Secure Your Future Today!
The clock is ticking and uncertainties abound. Act now to buy a health insurance early and unlock a future of financial security.
Your proactive decision today will ensure peace of mind, safeguarding your well-being and financial stability of your family.
Secure your health, secure your future!
Click below to connect with Finance Mantiri who is a health insurance expert to explore the best health insurance options for 2024.
If you like to read about 10 New reasons to buy good Health Insurance in 2024 then click here.